Nominal, an Austin-based startup specializing in AI for hardware engineering, has raised $240 million in a Series C funding round, increasing its valuation to $3 billion. The round was led by Lightspeed Venture Partners and co-led by Insight Partners, following a previous $155 million Series B extension earlier this year at a $1 billion valuation.
The company serves 80 clients, including notable defense contractor Anduril, and recently secured a $71.2 million government contract with the Air Force. Nominal's growth reflects increasing investment in AI technologies for complex hardware applications.